The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise.
LICENSEE. The person to whom a license is issued under this chapter including any agents or employees of the person.
MINOR. Any natural person under the age of 18 years.
PAWNBROKER.
(1) A person, corporation or partnership who loans money on deposit or pledge of personal property or other valuable things or who deals in the purchasing of personal property or other valuable things on condition of selling the same back again at a stipulated price or who loans money secured by chattel mortgage on personal property or any part thereof so mortgaged.
(2) A
PAWNBROKER
shall not mean any bank regulated by the State of Minnesota, the comptroller of a current of the United States, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any other federal or state authority or their affiliates; any bank or savings association whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation, or any successor to it, and all affiliates of those banks and savings associations; any state or federally-chartered credit unions; and any industrial loan and thrift company or regulated lender subject to licensing and regulation by the Department of Commerce.
PAWN SHOP.
The location at which or premises in which a pawnbroker regularly conducts business.
PRECIOUS METAL DEALER.
Any person, corporation or partnership engaging in the business of buying precious metals or gem stones or secondhand items containing precious metal or gem stones including, but not limited to: jewelry, watches, eating utensils, candlesticks and religious and decorative objects.
PRECIOUS METALS.
Any item made in whole or in part of metal and containing more than 1% by weight of silver, gold, platinum or palladium.
(‘81 Code, § 15-25) (Ord. 508, § 1, 4-25-91; Am. Ord. 842, passed 8-14-08)